H.R. 5833 — Introduced in House

I 117th CONGRESS 1st Session H. R. 5833 IN THE HOUSE OF REPRESENTATIVES November 3, 2021Mr. Barr introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to modify certain provisions related to horses. 1. Short title This Act may be cited as the Equine Tax Fairness Act. 2. Reduction of holding period to 12 months for purposes of determining whether horses are section 1231 assets (a) In general Section 1231(b)(3)(A) of the Internal Revenue Code of 1986 is amended by striking and horses. (b) Effective date The amendment made by this section shall apply to taxable years beginning after December 31, 2021. 3. Three-year depreciation for race horses (a) In general Section 168(e)(3)(A)(i) of the Internal Revenue Code of 1986 is amended to read as follows: (i) any race horse, . (b) Effective date The amendments made by this section shall apply to property placed in service after December 31, 2021.